KenolKobil investors can go ahead and finalise the takeover bid by Rubis Énergie SAS, says the Competition Authority of Kenya. In January 2019, Kenol Kobil board approved the acquisition deal at Ksh23 per share.
CAK gave the approval through a Gazette notice, stating, “….It is notified for general information that the competition Authority of Kenya has authorised the proposed transaction acquisition of control of KenolKobil Plc by Rubis Énergie SAS.”
The French multinational previously owned 25 per cent of the Kenya oil marketer. The investors have up to 18 February to accept or reject the offer.
Kenol Kobil’s counter hit Ksh21.5 per share, a rise compared to Ksh15 before the takeover deal was announced in October 2018.
Part of the deal package includes delisting of KenolKobil shares from the Nairobi Securities Exchange.
